Miyoshi Limited to sell Malaysia property for $4.27m

The group expects a gain of about $1.7m from the disposal.

Miyoshi Limited has announced its plans to sell its Malaysia property, through its subsidiary Miyoshi Precision (Malaysia) Sdn. Bhd., to Platinum Rise Sdn. Bhd. for $4.27m, its bourse filing showed.

The transaction involves a piece of freehold land, spanning 6,687 square metres, and a unit of factory in Johor Bahru. It was used to support the group’s production and delivery operations in Malaysia, which ceased at the end of May 2024. 

An independent valuation conducted in October 2024 estimated the property’s market value at $3.51m.

The sale is expected to generate net proceeds of approximately $4.22m, which will be allocated to general working capital. Miyoshi expects a gain of about $1.7m from the disposal, improving its financial metrics, including its net tangible assets per share.

This disposal aligns with Miyoshi’s strategy to exit its Malaysian operations, streamline its focus on core business activities, and enhance liquidity.